June 28, 2022

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NFTs are recognized as private property by an English court

Unprecedented example! – The UK Web3 community celebrated an important legal decision in May 2022. The High Court in London ruled Fungal Tokens (NFT) Refers to “private property”. However, according to the court ruling, This private property status does not extend to the actual basic content that the NFT may represent. While this is not really a revolution, it will definitely help the industry to fight against fraud.

From NFT theft to private property status

In February 2022, Two digital works have been stolen For a set of bass beauties. These NFTs cover multiple application points. For example, they allowed access to exclusive events, free books, and other benefits. The stolen tokens will then appear in the OpenSea Marketplace.

The case is set to end in March. On April 29, 2022, The Art newspaper reported on the decision of the UK High Court. In fact, the judges recognized the NFTs Property protected by law. The court also issued a restraining order to freeze assets in the accounts of the Ozone Network (host of OpenCine). The court forced OpenSea to release information about two account holders who possessed stolen NFTs.

The restraining order targets “unknown individuals” because the identity of the wallet holder is uncertain. The law firm is Stephenson Law Qualified Decided to disable “The most drastic solution”The one that describes it “Nuclear weapon” Of the law. Case attorney Rachel Multone pointed out “Very important” Results. According to the latter, she “Under UK and Welsh law, NFTs eliminate the uncertainty that assets within themselves are different from the things they represent.”.

“If you have a token, you have a token. But you are not entitled to anything else.”

Juliette Moringello is a professor at the Commonwealth School of Law at the University of Whitener

NFTs already enjoy privacy status through the US Inland Revenue Service. However, it does create a distinction between a token and its underlying property A legal vacuum In both the United Kingdom and the United States.

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Unprecedented precursor to NFTs

“The fundamental property or property represented by the NFT, whether a work of art or other copyrighted material, is always governed by the same copyright laws as in the United States. This decision does not help to clarify this distinction.”

Tom Graham, CEO and co-founder of The Web3 Company Metaphysic.ai

According to Tom Graham, this result was a development “Interesting role model” Because the court issued a restraining order against OpenSea. This is important in terms of court intervention and restraining order during NFT theft.

In May 2022, the High Court in London issued non-fungal tokens (NFTs).

“It is now clear that NFTs are governed by the same UK property laws that govern all other assets.

Tom Graham, CEO and co-founder of The Web3 Company Metaphysic.ai

Establishing a legal precedent, which confirms what is already believed More convenience for NFT operating systems. In fact, they now have to legally disable the accounts of malicious actors.

“It’s not surprising that NFTs are recognized as private or private property. You can buy, sell or trade NFTs, which basically means private property. It would have been very shocking if the court had ruled that NFTs are not private property.”

Anna Trin is the Chief Compliance Officer of Aquano, a digital finance company

If the possession of the naked Madonna NFT owned her Hotler Diva it would no doubt create some controversy. However, the artist has created a collection of 3 NFTs for a good cause.

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